On Tuesday, July 1st, data released by the American Petroleum Institute (API) showed that US crude oil and gasoline inventories increased last week, while distillate inventories decreased.

The report shows that as of the week ending June 27th, US crude oil inventories increased by 680,000 barrels, gasoline inventories increased by 1.9 million barrels, and distillate inventories decreased by 3.5 million barrels.

Previously, the interviewed analysis institutions had estimated that US crude oil inventories would decrease by 1.8 million barrels, gasoline inventories would decrease by 200,000 barrels, and distillate oil inventories would decrease by 1 million barrels for the week ending June 27th.

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